The Central Bank of Nigeria (CBN) has used four indigenous languages – Yoruba, Hausa, Igbo, and Pidgin to announce the 299th meeting of its Monetary Policy Committee (MPC).
The CBN had previously rescheduled the MPC meeting, initially set for February 17–18, to February 18–19.
The MPC meeting remains a key event shaping Nigeria’s economic outlook, influencing decisions on interest rates, inflation control, and overall macroeconomic stability.
Making the announcement on its X handle, the apex bank shared the development in different languages in a bid to drive wider reach.
The messages
- Using the Hausa language, the CBN wrote: “Sanarwa, kwamitin kudi na MPC zai gudanar da taro karo na ‘299’ #MPC”.
- In Yoruba, “Kere O, 299th MPC. Ipade kokan din loodunrun igbimo MPC yio waye ni”
- Igbo: “Okwa di oke mkpa 299th MPC, Ogbakọ komitii na afu maka atumatu ego #MPC”
- Pidgin: “Korret Informate, 299th MPC, Committee for Moni mata #MPC”
Last weekend, a report from the Central Bank of Nigeria indicated that Nigeria’s economic activities expanded for the second consecutive month.
The composite Purchasing Managers’ Index (PMI) for January 2025, at 50.2 index points, signaled an expansion in economic activities for the second straight month.
What you should know
- Three sectors industry, services, and agriculture stood out in the report. The Industry Sector improved from a stationary position in December 2024 to an expansionary level in January 2025.
- Conversely, the Services Sector index indicated a contraction in economic activities for the month, while the Agriculture Sector registered expansion for the sixth consecutive month.
- The breakdown of the index showed that composite output, new orders, and employment levels recorded growth at 50.9, 50.2, and 50.2 points, respectively, reflecting overall expansion during the review period.
- However, the composite stock of raw materials declined to 49.8 points, and the suppliers’ delivery time slowed further to 49.6 index points, suggesting delays in supply chains.
A report by the apex bank also noted that about 75% of businesses have identified high interest rates as their primary operational constraint in January 2025.
The January 2025 Business Expectations Survey (BES) was conducted from January 13 to 17, 2025 with a sample size of 1,900 business enterprises across Nigeria. The survey achieved a response rate of 99.7%, covering three key sectors: Industry, Services, and Agriculture.
The economy’s overall capacity utilization was at 56.8% according to the apex bank for the month of January 2025.
Despite these challenges, the report noted that the Mining and Quarrying sector recorded the highest capacity utilization for January 2025, reaching 60.3%.
